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Credit Card Offers: Compare Before You Accept

Aug 17, 2007
Credit card offers are everywhere. It is likely that you have received them in the mail or have seen them on a television advertisement before. There are many individuals who make a costly mistake when it comes to accepting an offer. That mistake is accepting the first offer that comes their way. To prevent yourself from making this mistake, you are encouraged to examine and compare a number of offers. This examination will allow you to select the credit card offer that best fits your needs.

Before you start searching for credit card offers, you will want to have a pen and paper handy. These items should be used to document your findings. You can either create a chart or just write down what you find. When searching for card offers, you will likely come across a large number of them. Sometimes, the only way to get all of the offers straight is to document them. Your documentation can also be used to easily compare all of the offers that you come across.

When examining card offers, the first thing that you will want to examine is if there are any monthly or annual fees. Monthly fees and annual fees are assessed on a large number of credit cards, but not all of them. You will likely find that credit cards with a monthly fee or an annual fee are designed for individuals with less than perfect credit. If you have a good credit score, you may want to consider applying for a card that does not have a monthly fee or an annual fee.

The interest rate of each card should also be closely examined. When examining interest rates, it is important to know the difference between an annual interest rate and an introductory interest rate. Introductory interest rates are often low, but they are only for a short period of time. If you find a card that is offering a low introductory interest rate, it is extremely important that you determine what the annual interest rate will be after the introductory period has ended. If you do not examine the interest rate, you may end up with a card that costs you more money than you originally anticipated.

All credit cards come with fees. As previously mentioned, there are many credit cards that require a monthly or annual fee. In addition to these fees, you may find late fees and overdraft fees. Each credit card offer is likely to stipulate a different amount for these fees. You may plan on making your credit card payments on time, but there is a chance that something unexpected may arise or that you just forget. It is important to know how much you would have to pay if you miss a payment or spend more than your allotted line of credit.

In addition to obtaining a credit card for the first time, there are many individuals who make the decision to obtain a new card. This is most often done when an individual realizes that they did not select the perfect credit card the first time around. If you are interested in obtaining a new card to transfer the balance of your old credit card, you will want to make sure that balance transfers are allowed. It is also important to examine the interest rates and other fees that you may be assessed. You do not want to transfer your balance to a credit card that will cost you more money than you are currently paying.

By taking all of the above mentioned points into consideration, you are sure to find at least one credit card that is just what you are looking for. Examining and comparing a large number of card offers may seem like a long and difficult task, but you will often find your research to be rewarding in the end.
About the Author
Joe Kenny writes for the Credit Card Guide, offering views on credit cards in the UK, visit them today for some great 0% balance transfer offers and start clearing credit card debt today.
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